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28 Cards in this Set
- Front
- Back
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Fee Simple
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1.Fully alienable; no restraints on alienability.
3.Creation of fee simple: “To A” or “to A & his heirs” In AZ no need to use the words "to his heirs." Unless he expresly limtes his grant there is a presumption that it is Fee Simple |
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Defeasible Fee Simples
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1.Determinable Estates: automatically terminates and reverts to grantor on the apening of a specifed contigency “So long as" , "until" , "during"
2.Estates Subject to a Condition Subsequent: rt of re-entry "but if", "on condition that", or "provided that" 3. Estates subject to an executory limitation: On the happeinin of a contingency a third prty takes (or may take) grantee's estate |
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Issues Commom to All Qualified Estates
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1. The owner of a qualified estate is liable to future interest holder for waste.
2. Qualified estates are transferable but conditions imposed on the estate pass with the estate even if not listed in the new deed. 3. The contingency which terminates the estate cannot be within the control of the grantor. Cannot be a prohibition of race or other void conditions. |
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Life Estate
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“to A for life”
Measuring life can be the life of someone other than the life estate holder – “pur autre vie”. |
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Rights of Life Tenant
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1. Right of possesion is fundamental. Has incident to possession i.e. rights to rents and profits, right to evict, and right to sue for damages to her possesory interest
2. Right of alienation 3. Rights in fixtures 4. Rights in division of proceeds if property involutarily converted by an eminent domain taking, mortgage forclosure, or court order. |
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Obligations of Life Tenant
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1. Obligation not to commit waste: Life Tenant liable to the holder of the future interest for any reduction in the value of the future estes
2. Obligation to pay Real Estate taxes 3. Obligation to pay interest on the mortgage. |
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Tenancy In Common
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TIC exists when 2+more owners have the right o possess property at the same time and their tenency oe not meet the criteria for a joint tnency or tenancy by the entirety.
No survivorship rights. Interest of each is descendible and may be conveyed by deed or will In AZ this is the presumption when grant to two or more ppl w/out express words which create right of survivorship |
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Joint Tenancy
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Right to survivorship is incident.
Intent to create must be explicit whether JT w/ ROS or Community Propery w/ ROS. Destruction of JT will happen when: 1. There is a conveyance. Note AZ is lien theory state so mortgage does not destroy JT. Nor, does attempt to devise 2. Partition action **The effect of destruction termisnates the ROS only of the share conveyed. Sooo share conveyed becomes TIC w other JTs. |
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Tenancy By the Entirety
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Note: AZ is Community property state so does not have this.
Tenancy by the Entirety is basically a JT w/ ROS but owners cannot convery or unilaterally partition thei individual interests. The tenency can oly be terminanted by divorce, annulment, or agreement to partition. |
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Rights of Co-Tenants
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1. Co-tenant is entitled to possession of entire property. If one of the cotenants actively excludes the other for possession or enjoyment in whole or in part his conduct amounts to an ouster.
2. Right to convey. JTs and TICs can sell their interest in the property. However, cannot sell more than their interest b/c may be treated as ouster. Conveyance will not be given effect if interfere w/ other tenant's right to partition. 3. Partition: Partition may be; voluntary or involuntary |
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Obligations of Co-Tenants
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1. Obligation to pay for necessary repairs and can ask for contribution from other tenants.
2. Obligation to pay taxes and carrying charges: when tenant pays more than his share he is generally entitled to contribution 3. Cotenants are liable for waste |
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Future Interests: Reversions
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Future interests Retained by grantor
Grantor automatically retains future interest when grantor qualified estate w/out naming subsequent taker. Reversion is never subject to RAP Reversions can be transferred freely |
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Future Interests: Vested Remainders
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Remainder is vested if ther is a present or certain right t take possission when prior estate terminates. If indiv. not alive or condition precedent not met remeinder is not vested.
Vested Remainders are not subject to Rule Against Perps. Vested Remainders do not lapse if holder dies. Classifications: Absolutely Vested Remainders- not subject to dilution or divestment Vested Remainder Subject to Open: Interest is vested but share of property is not certain b/c other people may be capable of sharing Vested Remainder Subject to Complete Divestment: subject to condition precedent which may divest remainder. |
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Future Interests: Contingent Remainders
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Person holds contingent remainder when he may someday have the right to the remainder but condition precedent has not yet been met.
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Future Interests: Executory Interests
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Nonreversionary Future Interest held by grantor:
Shifting: future interest follows qualified estate of another grantee "for blah and, if not so used, to B" Springing: future interest where preceding estate is held by grantor |
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Landlord/ Tenant: Implied Covenant of Habitability
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AZ, by statute, requires LL to supply premises in a fit and habitable condition and keep it that way by making necessary repairs. LL and Tenant can agree otherwise but, must be in good faith, in writing and consideration must be given. In other cases T has duty of maintance.
Generally, (not AZ) this covenant cannot be waived and requires compliance with local building health and safety codes. Liability for damages or personal injuries may arise from negligence to discover or repair defects even if they are not in violation of codes. |
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LL/Tenant: T's duty to Avoid Waste
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Tenenct required to repari negligent or intentianl damage no ordinary wear and tear.
In non-residential leases if T convents to repari premises must be returned to LL in condition recived. This duty is absolute. |
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LL/Tenant: Types of Holdings
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Tenancy for yrs; fixed period of time ends at stated period. No notice required.
Tenancy at will; terminable at will of either LL or T. Tenancy at sufferance: T wrongfully remains in possession after her tenancy has been validly terminanted. No notice required to terminate. Periodic tenancy: successive periods; e.g. month to month; impled anytime tenant pays an LL accepts rent of identifiable period of time. Must give notice equal to length of tenancy period. |
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LL/Tenant: AZ Law Periodic Holdings
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Month to Month Lease: Termination requires 10 days notice for non residentail unless rent not payed and, 30 days 30 days for residential.
Semi-monthly leases: Non-residential lease can be terminated by T requires 5 days notice failure of notice cause him to be liable for ensuing 10 day period Year to Year Lease: Terminates at end of year. |
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LL/T: Assignment and Subletting
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Interests of L, tantnt for years, and periodic tenants are freely transferable.
Assignee takes tenants estate and is in prvit w/ LL Subtenant takes less than the entire interest and is not in privity. |
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LL/T: Running of Lease Covenants
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LL and T are in horizontal privity hence, when they make lease covs those covs run w/ the land and re enfoceable against sucessors.
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LL/T: Rent Obligation
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Tenant cannot discharge rent oblig. If he assigns he is secondarily liable; assignee assumes primary oblig.
Rent oblig. is not enforceable against subtenant. If lessee expressly assumes rent obligation LL can sue lesee directly. |
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LL/T: Convenants Against Assignment and Subletting
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In general and in AZ courts will strictly contrue and find waiver.
In AZ non-residential lease assignees and subletters are responsible to the LL for portion of rent due from land in their possession. |
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Landlord/ Tenant: Implied Covenant of Habitability
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AZ, by statute, requires LL to supply premises in a fit and habitable condition and keep it that way by making necessary repairs. LL and Tenant can agree otherwise but, must be in good faith, in writing and consideration must be given. In other cases T has duty of maintance.
Generally, (not AZ) this covenant cannot be waived and requires compliance with local building health and safety codes. Liability for damages or personal injuries may arise from negligence to discover or repair defects even if they are not in violation of codes. |
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LL/Tenant: T's duty to Avoid Waste
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Tenenct required to repari negligent or intentianl damage no ordinary wear and tear.
In non-residential leases if T convents to repari premises must be returned to LL in condition recived. This duty is absolute. |
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LL/Tenant: Types of Holdings
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Tenancy for yrs; fixed period of time ends at stated period. No notice required.
Tenancy at will; terminable at will of either LL or T. Tenancy at sufferance: T wrongfully remains in possession after her tenancy has been validly terminanted. No notice required to terminate. Periodic tenancy: successive periods; e.g. month to month; impled anytime tenant pays an LL accepts rent of identifiable period of time. Must give notice equal to length of tenancy period. |
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LL/Tenant: AZ Law Periodic Holdings
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Month to Month Lease: Termination requires 10 days notice for non residentail unless rent not payed and, 30 days 30 days for residential.
Semi-monthly leases: Non-residential lease can be terminated by T requires 5 days notice failure of notice cause him to be liable for ensuing 10 day period Year to Year Lease: Terminates at end of year. |
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LL/T: Assignment and Subletting
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Interests of L, tantnt for years, and periodic tenants are freely transferable.
Assignee takes tenants estate and is in prvit w/ LL Subtenant takes less than the entire interest and is not in privity. |
